Alternative historical information and alternative news about Columbia University and other U.S. power elite institutions.

Wednesday, October 15, 2008

CNN's Big Bank Connection

One reason Time-Warner's CNN cable news network subsidiary has been pushing to provide public "corporate welfare" funds for the super-rich Wall Street folks who control big banks like Citicorp may be because the the chairman of the board of Time-Warner/CNN, Richard Parsons, also sits on the board of directors of Citicorp.

Another member of the board of CNN's parent company, Time-Warner board member Herbert Allison, Jr., is also the president and CEO of Fannie Mae and a former chairman of Merrill Lynch--two other U.S. financial institutions which are receiving public "corporate welfare" hand-outs, despite being responsible (along with the failed Superior Bank of the Obama campaign's national finance chairperson, Penny Pritzker) for much of the sub-prime mortgage crisis which helped produce the recent collapse of U.S. imperialism's capitalist banking system.